You can pawn your vehicle for cash within 30 minutes. The application process is quick and you can have the cash in your bank account almost immediately after approval.
What do you need?
- Copy of your ID
- Valid South African driver’s licence
- Original registration papers of the vehicle as proof of ownership
If the car is still under finance, you cannot pawn it for cash since it does not yet belong to you. having the original registration papers verify that you are the owner.
How does the process work?
Apply online on our website. Complete the application form, and a consultant will call you back. Make sure you have the required documents at hand. We assess the car at one of our branches, and based on the trade value, offer an amount. We also explain how interest and instalments work. Once you accept the offer, we pay the amount into your bank account and the asset is placed in safe storage.
Safe and secure storage facility
We know how valuable your asset is and insure it while it is in our care. You can also insure it. The car is stored in a highly secure facility where it is protected against weather elements. The facility is fitted with cameras for full-time monitoring. In addition, it has 24-hour security and gate access control. The car is never driven during the period of repayment. Once you have paid off the loan, you get your car back in the exact condition as when it was placed in storage.
How much can you get when you pawn your vehicle for cash?
The amount depends on the assessed value of the car and its trade value. You can borrow from R5000 to R250 000 against your car, motorcycle, truck, boat, and caravan.
Why you cannot put up your car as collateral for the loan and still drive it
According to the National Credit Regulator (NCR) the pawn and drive scheme is illegal. Any advertisements still offering the option are not in line with the regulations of the NCR and are most probably scams. You risk entering into an illegal agreement if you apply for a loan in which you are allowed to put up the car as collateral without handing it for safe storage.
What happens if you cannot make an instalment?
Get in touch with our team to arrange for an extension of the repayment period. As long as the interest has been paid up to date, the period can be extended.
What happens if you cannot make any more payments even after the extension of the repayment period?
We sell the car to recoup the money you borrowed. You are not liable for any further payments. It does not affect your credit record.
Where to apply?
You can apply by calling us on 010 500 0623, sending an SMS writing “QUICK Cash” to 41235 and we will call you back, or you can complete the online application form to have a consultant call you back and help you through the process to pawn your vehicle for cash.